New Delhi, Nov 5 (IANS) UBS Group AG has cut around 200 jobs in London as it moves closer to completing the integration of its former rival Credit Suisse, according to multiple reports.
Reports claim that the job reductions were carried out over the past few weeks and affected multiple business divisions, including wealth management and investment banking.
The reported layoffs are part of the company’s broader restructuring exercise following its acquisition of Credit Suisse in a government-backed rescue deal in March 2023.
The acquisition significantly expanded UBS’s workforce, prompting the bank to undertake a multi-year integration programme involving operational consolidation, system migration and the elimination of overlapping roles.
UBS’s workforce has declined by approximately 18 per cent since the acquisition, the reports said.
The precise number of employees affected in each business division has not been disclosed.
However, some employees whose positions have been eliminated may be offered alternative roles within the bank, the report said.
UBS reportedly announced the latest job cuts internally.
The latest development marks another step in UBS’s efforts to streamline operations and realise cost efficiencies following the takeover of Credit Suisse.
The integration has been one of the most significant restructuring exercises in the global banking industry in recent years.
Apart from that, earlier in November, Canva announced plans to cut 1,271 jobs, accounting for around 22 per cent of its global workforce, as part of a major organisational restructuring.
CEO and co-founder Melanie Perkins said the overhaul was aimed at positioning the company for long-term growth amid slowing expansion and rapid technological changes. The restructuring involved job eliminations, role changes and relocations, alongside consolidating teams and reducing management layers.
Canva also planned to centralise more product teams in Sydney and increase in-office collaboration. The company offered affected employees severance pay, healthcare support and career transition assistance.
–IANS
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